The COVID-19 pandemic has somewhat upended traditional office leases as more companies offer their employees hybrid and fully remote work options. Property technology, or proptech, in tandem with artificial intelligence (AI) could be the key to boosting commercial leasing activity and supporting property management, BeyondView founder and CEO Kul Wadhwa wrote for Rebusiness Online. For example, digital twin technology can help CRE owners streamline their processes, as it eliminates the need for multiple service providers. Digital twin tech is also more visually appealing than other forms of proptech, according to Wadhwa.
“In dealing with an uncertain economy, deploying new technologies will offer a smart and versatile troubleshooting platform all while allowing for significant savings,” Wadhwa said. “And this relatively new digital offering is only going to get better with time.”
Additionally, Wadhwa projected that the CRE industry using digital twins is “the property technology of the future.” This is because digital twins offer an exact digital copy of a physical object that can be developed from different data sources. With CRE in particular, digital twins can be created from floor plans, blueprints, off-the-shelf digital pictures and more. Then, AI and machine learning can create an exact virtual replica of a space.
This version of proptech allows users to take part in virtual walkthroughs, while brokers, property managers and prospective tenants can leverage these technologically advanced visuals.
Digital twins can accelerate the CRE leasing process
With digital twin technology, prospective tenants can tour a property virtually versus having to make a trip to see it in person. Additionally, the leasing process can continue even when an office or retail space isn’t quite ready for occupancy. Prospects can get an idea of what the unfinished space will look like. Digital twin visuals are also less expensive and time consuming than traditional preview offerings like CAD drawings.
Digital representations are more accessible
In line with digital twins’ time-saving capabilities, digital representations can be viewed on desktop computers and mobile devices from anywhere. Property managers, leasing tenants and prospective tenants do not have to be in the same location to look at a CRE building. They just need a log-in and all parties can view and discuss a property in real time, regardless of where they happen to be.
“As the prospective tenant may be undecided about the space’s eventual use, by simply clicking a button, the white boxed version is digitally transformed into a retail offering, corporate office or restaurant,” Wadhwa said. “This newfound ability to leverage AI and digital twins to digitally reimagine spaces — without added costs — is a game-changing advancement.”
Digital twin technology can analyze data
CRE owners will find that the benefits of digital twin tech are not limited to leasing. Building data collected with AI can be continuously updated within the digital twin and help CRE owners make plans and financial decisions about their properties. Data being used to help CRE owners with their decision-making process is not new. However, that data hasn’t always been easy to decipher. Digital twin tech can break down data so it is easier for property owners to understand and creates a user-friendly home for the information to live, allowing for quick access for future use.
“With overall market uncertainty looming and office leasing facing a reckoning of sorts, real estate professionals must apply new technologies in order to achieve success,” Wadhwa said. “Particularly with regard to commercial leasing and effective property management, proptech and digital twin technology will prove to be necessities moving forward in terms of saving time and money.”